France’s aircraft carrier strike group is moving south of the Suez Canal into the Red Sea. French President Emmanuel Macron says this is in preparation for a potential French-British mission in the Strait of Hormuz. The deployment brings Europe’s most powerful warship closer to the strait, which has been effectively closed due to the war in Iran. This has stranded hundreds of ships and caused a major disruption in the global oil market. Macron says the mission aims to restore maritime security and confidence among shipowners and insurers. The effort is distinct from the U.S. “Project Freedom” that launched and then paused this week.

With hundreds of vessels still stuck in the Persian Gulf and costs piling up, shipping companies are being whipsawed by uncertainty over how and when the Strait of Hormuz might reopen more than two months into the Iran war. U.S. President Donald Trump first announced an effort in which the U.S. military would “guide” ships through the strait, then paused that to allow time for a deal to end the war. A French-operated ship was damaged attempting to transit the strait. Industry figures say a return to normal transit will take weeks even if there's a deal.

President Donald Trump says he is pausing the U.S. effort to guide stranded vessels out of the Strait of Hormuz to allow time for a deal to end the Iran war, but that the American forces’ blockade of Iranian ports would remain in place. Meanwhile, Chinese state media say Foreign Minister Wang Yi met with Iran’s Foreign Minister Abbas Araghchi in Beijing on Wednesday morning. Details of the meeting weren't disclosed. But it was the first time since the start of the war that Araghchi has traveled to China, whose close economic and political ties to Tehran give it a unique position of influence.

The U.S. stock market rose to records after oil prices eased and companies kept reporting bigger profits for the start of the year than analysts expected. The S&P 500 climbed 0.8% Tuesday and topped its prior all-time high set at the end of last week. The Dow Jones Industrial Average added 0.7%, and the Nasdaq composite gained 1% to set its own record. Stocks got a boost after oil prices gave back much of their big jumps from Monday, and Brent crude fell 4%. DuPont rallied after the chemical giant led another cavalcade of companies reporting better profits than analysts expected.

The ceasefire in the Iran war faces its most critical moment yet as the United States begins efforts to open the Strait of Hormuz. On Monday, the U.S. launched "Project Freedom" to guide ships through the strait, calling it a humanitarian effort. Iran views this as a violation of the ceasefire. The U.S. says two U.S.-flagged ships have safely transited, but Iran warns that any foreign military force in the strait will be targeted. Already, the United Arab Emirates says it has come under attack for the first time since the early April ceasefire, and a British military monitor says two cargo vessels are ablaze.

President Donald Trump says he is reviewing a new Iranian proposal to end the war but expressed skepticism it would be acceptable. He mentioned this on Saturday before boarding Air Force One. Iran reportedly shared a 14-point proposal via Pakistan. Trump rejected a previous proposal this week, but conversations continue, and a three-week ceasefire is holding. Meanwhile, the health of imprisoned Iranian rights lawyer Narges Mohammadi is at high risk, according to her family. The U.S. has warned shipping companies about possible sanctions for paying Iran to pass safely through the Strait of Hormuz. Iran has also hanged two men convicted of spying for Israel.